TORONTO, Oct. 20, 2016 /CNW/ - Orefinders Resources
Inc. ("Orefinders" or the "Company") (TSX.V: ORX) Orefinders
Resources Inc. (the "Company") is pleased to announce it has
received subscriptions for a non-brokered private placement of
3,112,145 units, at a price of $0.07
per unit, to raise proceeds of $217,850. Each unit consists of one common
share and one-half of one share purchase warrant, each whole
warrant entitling the holder to purchase one additional common
share, at $0.10 per share, until
October 21, 2018. The Company
anticipates closing its private placement on October 21, 2016.
The proceeds from the private placement will be used for working
capital purposes and for the advancement of the Mirado Mine's Phase
Two Preliminary Economic Assessment.
"We are working towards the PEA report on Phase Two of the
Mirado Mine project, which is the evaluation of putting the
existing open pit back into production on a long term tolling
milling basis. It is important that we start this work prior to the
snow season in Kirkland Lake, and
it was necessary to complete this financing in order to initiate
this work," said Stephen Stewart Orefinders CEO.
All of the shares, warrants and any shares issued upon exercise
of the warrants comprising the units are subject to a hold period
until February 22, 2018, except as
permitted by applicable Canadian securities laws and the TSX
Venture Exchange. No finder's fee or commission will be paid in
connection with the private placement.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Certain information in this press release
may contain forward-looking statements. This information is based
on current expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might
differ materially from results suggested in any forward-looking
statements. Orefinders' assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to Orefinders. Additional information identifying risks
and uncertainties is contained in filings by Orefinders with
Canadian securities regulators, which filings are available under
Orefinders' profile at www.sedar.com.
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SOURCE Orefinders Resources Inc.